Brown Brothers Harriman & Co. Raises Position in Tapestry, Inc. (NYSE:TPR)

Brown Brothers Harriman & Co. raised its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 1,792.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,192 shares of the luxury accessories retailer’s stock after buying an additional 1,129 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Tapestry were worth $78,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Tapestry during the fourth quarter worth about $114,199,000. WT Asset Management Ltd bought a new stake in Tapestry during the fourth quarter valued at approximately $42,762,000. Raymond James Financial Inc. purchased a new position in Tapestry in the 4th quarter worth approximately $38,180,000. Pictet Asset Management Holding SA increased its holdings in shares of Tapestry by 767.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer’s stock worth $30,344,000 after buying an additional 410,918 shares during the last quarter. Finally, Keystone Investors PTE Ltd. purchased a new stake in shares of Tapestry during the 4th quarter valued at $26,541,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Performance

Shares of TPR stock opened at $72.92 on Wednesday. The firm has a market capitalization of $15.10 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 2.01 and a beta of 1.57. The stock has a fifty day moving average of $77.60 and a 200 day moving average of $63.51. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the previous year, the business posted $1.63 earnings per share. As a group, research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Thursday, March 6th. Tapestry’s payout ratio is presently 40.58%.

Wall Street Analyst Weigh In

TPR has been the subject of several research reports. Redburn Atlantic upgraded shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Tuesday, February 18th. Jefferies Financial Group raised their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a research note on Monday. Guggenheim lifted their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Evercore ISI upped their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $78.53.

Insider Activity at Tapestry

In other news, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock worth $5,730,589 over the last ninety days. 1.18% of the stock is owned by corporate insiders.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.